Hong Kong:
Hong Kong:
From Scandals to Stability
Hong Kong was recognized as a political anachronism that was often found to be at risk. The economic strategy imposed by this British-style system was reminiscent of that from the nineteenth century as it was characterized by free trade, a lack of restrictions on currency and imports, small government and low taxes, budget surpluses, negligible state borrowing, minimal government interference, and no subsidies and incentives for development and investment respectively. However, it is important to note that the country has a history of economic success. Also, in spite of how it lacks political sovereignty, Hong Kong stayed standing with its ability to serve as an autonomous international financial center. This chapter looks into how Hong Kong was able to learn from its banking history, and how laissez-faire doctrines had to be given up to achieve financial stability.
Keywords: Hong Kong, financial stability, economic success, banking history, laissez-faire, autonomous international financial center
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